Cash & Liquidity ManagementPaymentsClearstream Services IT and EastNets Offer SEPA in SaaS mode

Clearstream Services IT and EastNets Offer SEPA in SaaS mode

IT managed services company Clearstream Services IT and payment solutions provider EastNets have joined forces to offer a single euro payments area (SEPA) solution in software as a service (SaaS) mode.

The companies commented that recent reports from the European Payment Council (EPC) and the European Central Bank (ECB) indicate readiness gaps in many countries and particularly for corporate and medium/small size financial institutions (FIs). This is despite the steadily progressing migration across Europe of payment market infrastructures to the SEPA framework and standards.

For many FIs and corporates, the migration to SEPA is still a stretch in terms of resources, cost and time and the challenge to meet the 1 February 2014 deadline for SEPA compliance is growing daily.

The new SEPA in SaaS solution enables financial institutions and corporates to reduce significantly the timeline for the implementation and go live cycles of any migration from several months to a few weeks. It also simplifies and accelerates the migration process, by reducing the impact on existing IT infrastructure and back office applications so customers meet looming compliance deadlines and still deliver higher levels of service with fewer resources.

“Our SEPA in SaaS solution is designed to coexist seamlessly with a range of other on-demand financial services from the well-established EastNets and Clearstream Services IT team,” the partners added in a statement

“Services include anti-money laundering (AML) filtering and profiling and financial transaction reporting based on en.SafeWatch. Customers can also integrate these with Clearstream Services IT’s SWIFT service bureau [SSB], providing connectivity capabilities developed in-house by one of the top 10 SWIFT users worldwide.”

The new solution will have its financial industry world premiere at SIBOS in Dubai, from 16 to 19 September.

Related Articles

How digital networks can cut through 'corporate cholesterol'

Payments How digital networks can cut through 'corporate cholesterol'

4d Julie Gerdeman
Worldpay and Mastercard to team up for payments platform

Payments Worldpay and Mastercard to team up for payments platform

6d GTNews
GIMAC and Terrapay announce real-time payments for Central Africa

Electronic/Mobile GIMAC and Terrapay announce real-time payments for Central Africa

1w GTNews
Why staff credit cards can bolster expense fraud defences

Payment Cards Why staff credit cards can bolster expense fraud defences

3w Guest Writer
Gresham acquires payments specialist B2 Group

Payments Gresham acquires payments specialist B2 Group

3w GTNews
Case study: BNP Paribas’ experience of MyStandards Readiness Portal - streamlining implementation projects worldwide

SWIFT Case study: BNP Paribas’ experience of MyStandards Readiness Portal - streamlining implementation projects worldwide

2m SWIFT
Commercial cards on the rise: BOAML

Payments Commercial cards on the rise: BOAML

2m Victoria Beckett
US County tax collector to accept bitcoin payments

Payments US County tax collector to accept bitcoin payments

2m Laura Noble